The Bankruptcy of The United States United States Congressional Record, March 17, 1993 Vol. 33, page H-1303 Representative James Traficant, Jr. (Ohio) addressing the House:
It is an established fact that the United States federal government has been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1, Public Law 89-719; declared by President Roosevelt, being bankrupt and insolvent. H.J.R. 192, 73rd Congress m session June 5, 1933 – Joint Resolution To Suspend The Gold Standard and Abrogate The Gold Clause dissolved the sovereign authority of the United States and the official capacities of all United States governmental offices, officers, and departments and is further evidence that the United States federal government exists today in name only.
The receivers of the United States bankruptcy are the international bankers, via the United Nations, the World Bank and the International Monetary Fund. All United States offices, officials, and departments are now operating within a de facto status in name only under Emergency War Powers. With the constitutional republic form of government now dissolved, the receivers of the bankruptcy have adopted a new form of government for the United States. This new form of government is known as a democracy, being an established socialist/communist order under a new governor for America.
Gold and silver were such a powerful money during the founding of the United States of America, that the founding fathers declared that only gold or silver coins can be “money” in America. Since gold and silver coinage were heavy and inconvenient for a lot of transactions, they were stored in banks and a claim check was issued as a money substitute. People traded their coupons as money, or “currency.” Currency is not money, but a money substitute. Redeemable currency must promise to pay a dollar equivalent in gold or silver money. Federal Reserve Notes (FRNs) make no such promises, and are not “money.” A Federal Reserve Note is a debt obligation of the federal United States government, not “money.” The federal United States government and the U.S. Congress were not and have never been authorized by the Constitution for the United States of America to issue currency of any kind, but only lawful money, gold and silver coin.
It is essential that we comprehend the distinction between real money and paper money substitute. One cannot get rich by accumulating money substitutes, one can only get deeper into debt. We the people no longer have any “money.” Most Americans have not been paid any “money” for a very long time, perhaps not in their entire life. Now do you comprehend why you feel broke? Now, do you understand why you are “bankrupt,” along with the rest of the country?
Federal Reserve Notes (FRNs) are unsigned checks written on a closed account. FRNs are an inflatable paper system designed to create debt through inflation (devaluation of currency). Whenever there is an increase of the supply of a money substitute in the economy without a corresponding increase in the gold and silver backing, inflation occurs.
Inflation is an invisible form of taxation that irresponsible governments inflict on their citizens. The Federal Reserve Bank who controls the supply and movement of FRNs has everybody fooled. They have access to an unlimited supply of FRNs, paying only for the printing costs of what they need. FRNs are nothing more than promissory notes for U.S. Treasury securities (T-Bills) — a promise to pay the debt to the Federal Reserve Bank.
There is a fundamental difference between “paying” and “discharging” a debt. To pay a debt, you must pay with value (i.e. gold, silver, barter or a commodity). With FRNs, you can only discharge a debt. You cannot pay a debt with a debt currency system. You cannot service a debt with a currency that has no backing in value or sub-stance. No contract in Common law is valid unless it involves an exchange of “good & valuable consideration.” Unpayable debt transfers power and control to the sovereign power structure that has no interest in money, law, equity or justice because they have so much wealth already.
The Federal Reserve Act was legislated ex post-facto (to 1870), although ex post-facto laws are strictly forbidden by the Constitution. [1:9:3]
The Federal Reserve System is a sovereign power structure separate and distinct from the federal United States government.
Assets of the debtor can be hypothecated (to pledge something as a security without taking possession of it) as security by the lender or underwriter. The Federal Reserve Act stipulated that the interest on the debt was to be paid in gold. There was no stipulation in the Federal Reserve Act for ever paying the principal.
Prior to 1913, most Americans owned clear, allodial title to property, free and clear of any liens or mortgages until the Federal Reserve Act (1913) “Hypothecated” all property within the federal United States to the Board of Governors of the Federal Reserve, in which the Trustees (stockholders) held legal title. The U.S. citizen (tenant, franchisee) was registered as a “beneficiary” of the trust via his/her birth certificate.
In return, the Federal Reserve System agreed to extend the federal United States corporation all the credit “money substitute” it needed. Like any other debtor, the federal United States government had to assign collateral and security to their creditors as a condition of the loan. Since the federal United States didn’t have any assets, they assigned the private property of their “economic slaves,” the U.S. citizens as collateral against the unpayable federal debt. They also pledged the unincorporated federal territories, national parks’ forests, birth certificates, and nonprofit organizations, as collateral against the federal debt. All has already been transferred as payment to the international bankers.
America has returned to its pre-American Revolution, feudal roots whereby all land is held by a sovereign and the common people had no rights to hold allodial title to property.
This has been going on for over eighty years without the “informed knowledge” of the American people, without a voice protesting loud enough. Now it’s easy to grasp why America is fundamentally bankrupt. Why don’t more people own their properties outright? Why are 90% of Americans mortgaged to the hilt and have little or no assets after all debts and liabilities have been paid? Why does it feel like you are working harder and harder and getting less and less?
We are reaping what has been sown, and the results of our harvest is a painful bankruptcy, and a foreclosure on American property, precious liberties, and a way of life. Few of our elected representatives in Washington, D.C. have dared to tell the truth. The federal United States is bankrupt. Our children will inherit this unpayable debt, and the tyranny to enforce paying it.
Traficant stood out for his blunt outspokenness and refusal to bow to political pressures. He has been serving an 8-year sentence in federal prison since July 30, 2002, and will be transfering to a halfway house on March 9, 2009. In “Target: Traficant — The Untold Story” Michael Collins Piper gives a detailed account of how Traficant was framed. Traficant refused to plead guilty to charges of improper financial dealings, claiming that the court had improperly not allowed him to call defense witnesses, nor present evidence that prosecution witnesses had been forced to lie. Remarkably, the prosecution (led by Michael Chertoff) offered no recordings of the alleged crimes despite an unusually large wiretapping effort.
Before 9/11, Traficant demanded that US troops prevent illegal aliens — and potential terrorists — from crossing the Mexican border. He attacked the corruption of Wall Street, high-level financial interests, the FBI and the Justice Department, and openly criticized US support for Israel as a threat to US security. Traficant was the only member of Congress to point out that US support for Israel was the root cause of the 9/11 attack.